If someone get to the point of having filed bankruptcy, then gets more bills they can't pay, and still looks for the answer in even more loans just to pay the bills that are overdue, how can you help them?
They go to check-cashing companies to get money to pay a bill, then can't pay them back on time. I've tried to point out how much money they're losing in interest and late charges but it doesn't seem to be getting through.
2006-08-11 14:56:11 · 6 answers · asked by Elle 6 in Business & Finance ➔ Personal Finance
Most bill collectors will have compassion to receiving their payments late as opposed to forcing you to borrow money at extortionist rates. It's in their best interests if not entirely altruistic since it means they paid without driving you into debt. For this to work you need to communicate with the collectors though.
Secondly the problem of not having enough money maybe linked to not being money conscious. Explain to them that saving even one dollar a day will result in $30 by the end of the month. That's half of your energy bill.
2006-08-11 17:14:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Like any other problem or destructive habit, it won't change until they choose to change it. You are doing what you can to aid them by pointing out the disasterous effects of what they are doing, but they just don't get it. Make sure that you do not get pulled into their cycle by enabling their behavior to continue by giving them money and bailing out of difficult situations.
2006-08-11 15:03:41 · answer #2 · answered by Freddie 3 · 1⤊ 0⤋
Time to bail out or file for bankruptcy
2006-08-11 15:10:43 · answer #3 · answered by Joe P 4 · 0⤊ 1⤋
unless they get out of vicoius cycle, they are still in the cycle, first set the priority straight:
basic need: food,morgage,utility,phone bill
fansy need: nice clothes,fansy car,going out 5 days a/week. 7 latte/week.
Cut down the spending first, paid down debt. If I could do it, they can.
set aside for emergency funds in case of car problem, housing problem, Then set aside 10-15% for 401k. Start to learn invest the right way
yes, you should learn 3 things:
fundamental analysis( economic report,management,competition,... tell you what to buy
TECHNICAL ANALYSIS( CHARTS+ technical indicator) tell you what to buy
sentiment analysis (bull/bear ratio, put/call ratio) tell you how moody investor can affect your investment too
Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.
http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:
fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy
technical analysis==(chart+indicator)>> when to buy
Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live
At the age of 32. my 401k is amassed 71,000.00 and 30000.00 in taxble account. by follow simple rule
2006-08-11 15:51:23 · answer #4 · answered by Hoa N 6 · 0⤊ 0⤋
Read some tips and articles on this site on management
2006-08-11 14:58:44 · answer #5 · answered by Elite female 3 · 0⤊ 0⤋
take all their money!
2006-08-11 15:06:15 · answer #6 · answered by loveismymiddlename 2 · 0⤊ 1⤋